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In this exploratory multiple case study, we aim to compare the internationalization of two state-owned enterprises (SOEs) owned by subnational governments with three owned by central governments in Latin America. This study provides a contextualized answer to the question: What are the differences in the internationalization of subnationally owned SOEs compared to central SOEs? This study finds that the speed and diversification of these two types of SOEs’ internationalization differ because they have a different expansion logic. Subnationally owned SOEs have a gradual and diversified expansion following market rules. Central government’s SOEs are specialized and take more drastic steps in their internationalization, which relates to non-market factors.

This study builds an exploratory qualitative comparative case analysis that uses multiple sources of data and information to develop a comprehensive understanding of SOEs through process tracing.

The study posits some assumptions that are confirmed in the case analysis. This study finds relevant differences between sub-national (SSOEs) and central authority (CSOEs’) strategies. SSOEs’ fewer resources and needs to increase income push them to follow a gradual market-driven internationalization and to diversify abroad. CSOEs non-gradual growth is justified by non-market factors (i.e. national politics). CSOEs do not diversify abroad due to the broader set of constituencies they have to face.

Given the exploratory comparative case study of this research, the findings are bounded by the particularities of the cases and their region (Latin America). This paper and its findings can be useful for theory building but it does not claim any generalization capacity.

This study adds complexity into the SOEs phenomenon by distinguishing between different types of SOEs. This paper contributes to the study of subnational phenomena and its effect in SOEs’ internationalization process, which is an understudied topic. To the authors’ best knowledge, this is among the first studies that explore subnational SOEs in Latin America.

Short-term rentals (STRs) (like Airbnb) are reshaping social behaviour, notably in gastronomy, altering how people dine while travelling. This study delves into revenue management, examining the impact of seasonality and dining options near guests’ Airbnb. Machine Learning analysis of Airbnb data suggests owners enhance revenue strategies by adjusting prices seasonally, taking nearby food amenities into account.

This study analysed 220 Airbnb establishments from Madrid, Spain, using consistent monthly price data from Seetransparent and environment variables from MapInfo GIS. The Machine Learning algorithm calculated average prices, determined seasonal prices, applied factor analysis to categorise months and used cluster analysis to identify tourism-dwelling typologies with similar seasonal behaviour, considering nearby supermarkets/restaurants by factors such as proximity and availability of food options.

The findings reveal seasonal variations in three groups, using Machine Learning to improve revenue management: Group 1 has strong autumn-winter patterns and fewer restaurants; Group 2 shows higher spring seasonality, likely catering to tourists, and has more restaurants, while Group 3 has year-round stability, fewer supermarkets and active shops, potentially affecting local restaurant dynamics. Food establishments in these groups may need to adapt their strategies accordingly to capitalise on these seasonal trends.

Current literature lacks information on how seasonality, rental housing and proximity to amenities are interconnected. The originality of this study is to fill this gap by enhancing the STR price predictive model through a Machine Learning study. By examining seasonal trends, rental housing dynamics, and the proximity of supermarkets and restaurants to STR properties, the research enhances our understanding and predictions of STR price fluctuations, particularly in relation to the availability and demand for food options.

The purpose of this paper is to analyze the role of bank branch managers’ perceptions of corporate social responsibility (CSR) in CSR marketing outcomes.

The paper proposes a causal model establishing that managers’ perceptions of CSR influence the perception of CSR held by the branch’s customers, which in turn directly affects customer satisfaction, customer trust, customer engagement and customer loyalty. The unit of analysis in this quantitative study is the bank branch. Two questionnaires were administered: one to branch managers and another to five customers in each branch.

Branch managers’ perceptions of CSR have a marked influence on customers’ perceptions of CSR, which again have a notable impact on the relationship variables studied: customer satisfaction, customer trust, customer engagement and customer loyalty.

The sample was taken from two banks in the same country (Spain) and only five customers were interviewed in each branch. The type of customers analyzed should be taken into account since a growing number of customers now carry out all of their banking online and are less likely to visit their branch.

The results highlight the importance of adopting socially responsible actions not only in the bank as a whole, but also in individual branches. It would, therefore, seem crucial for high level bank executives not only to involve branch managers in the bank’s CSR strategy, but also to empower them to undertake CSR actions that involve the customers and local community with which they interact.

First, the paper reveals the differences within the same organization in the way its CSR strategy is implemented. Second, intermediary figures or supervisors are shown to have a key role in ensuring the organization’s CSR strategy is effective. Third, the study emphasizes the importance of customers’ perception of CSR in achieving the main outcomes of relationship marketing (satisfaction, trust, engagement and loyalty). Fourth, the methodology applied in the study is innovative in its construction of dyads in which the branch is the unit of analysis, enabling a comparison between the manager’s perceptions of CSR with that of five customers from the same branch. Fifth, the findings add to the knowledge of a particularly relevant sector in the recent economic crisis, namely, the retail banking industry.

The purpose of this paper is to analyse the influence of service quality dimensions as determinants of the emotional and relational behaviours experienced by the client in bank branches in the post-crisis context experienced by Spanish financial institutions.

Data taken from a total of 1,125 customers were analysed through structural equations modelling (EQS6.1) to test the relationships of the proposed model’s variables.

The results support the hypotheses stated, with the exception of the influence of a service quality dimension (servicescape) on emotions during the service. In fact, the dimensions of the service quality of an intangible nature (personnel, outcome and social) are determinants of the positive emotions and relational behaviours of clients around the service provided by the branches. For its part, servicescape quality, of a more tangible nature, exerts indirect influence on the other dimensions that compose the quality of service.

This paper provides senior bank executives established evidence on the degree of influence of the different dimensions in relation to the quality of service in the bank branch. Furthermore, it emphasises the importance of emotional factors during service as essential elements in strengthening customer–staff relationships under a non-transactional dynamic.

This paper has adopted an analytical holistic, theoretical and empirical perspective on the impact of the different dimensions of service quality (servicescape, personnel, outcome and social) as well as to the emotions experienced by banking customers during services and its lasting effect on customer engagement and customer advocacy.

This paper aims to understand stakeholders' sentiments with respect to company policies in the water utilities (WU) sector and to explore if and how these sentiments could be a source for organisational learning.

This study investigates the use of social media in WUs’ and stakeholders’ reactions as a source of data for organisational learning. This paper relies on a mixed-methods approach based on sentiment analysis of Facebook (FB) pages and semi-structured interviews with sustainability managers from a sample of Italian WUs.

Findings show that WUs increasingly use FB mainly to promote and disclose environmental issues and as a source of information for organisational learning. A longitudinal analysis of environmental disclosure via FB reveals a growing trend of both companies’ posts and stakeholder interactions and significant differences among organisations in their ways of using information and knowledge obtained from social media.

Theoretically, this paper builds an original link between disclosure via social media and organisational learning processes. Empirically, to the best of the authors’ knowledge, this is one of the first studies to identify the quantity and quality of environmental disclosure via FB and the related stakeholders’ reactions.

This study aims at understanding how higher education institutions (HEIs) can contribute to sustainable development, by designing their programmes for bringing about a transformative impact on communities and students, and also to examine what alternative pedagogical approaches could be used for that. In the past decades, HEIs have increasingly created social innovation (SI) programmes, as a way to achieve United Nations Sustainable Development Goals. These community-oriented and field-based programmes are difficult to ally with conventional classroom education. This study explores how these programmes could integrate the participatory approach and what would be the benefits. It also investigates the effectiveness of the experiential learning approach for teaching sustainability.

A case study method is used to document SI projects initiated by an HEI programme in rural India.

It was found that the participatory approach contributes to empowering communities and also benefits the students in terms of academic, professional and personal growth. Empirical findings show that experiential learning is an efficient method to teach sustainability. Ultimately, both pedagogical approaches are found to be mutually beneficial.

This study fills a gap in the literature, by providing empirical evidence on how HEI can implement innovative educational strategies such as participatory approach and experiential learning in their programmes towards teaching sustainability. A conceptual model for HEI interested in developing similar programmes is also proposed. To the best of the authors’ knowledge, this study is one of the first studies focusing on the context of Indian HEI.

This research aims to determine to what extent corporate social responsibility (CSR) actions developed by bank entities in Spain improve the vulnerable customers' emotions and quality perception of the banking service. Consequently, this increases the quality of their relationship regarding satisfaction, trust and engagement.

Data from 734 vulnerable banking customers were analyzed through structural equations modeling (EQS 6.2) to test the relationships of the proposed variables.

Vulnerable customers' emotional disposition exerts a strong influence on their perceived service quality. The antecedent effect is concentrated primarily on the CSR towards the client, with a residual secondary weight on the CSR towards society. These positive service emotions are determinants of the outcome quality perceived by vulnerable customers, directly in terms of higher satisfaction and trust and indirectly through engagement.

This research contributes to understanding how financial service providers should adapt to the specific characteristics and needs of vulnerable clients by adopting a strategy of approach, personalization and humanization of the service that seems to move away from the actions implemented by the banking industry in recent years.

This study has adopted a theoretical and empirical perspective on the impact of CSR on service emotions and outcome quality of vulnerable banking customers. Moreover, banks can adopt a dual conception of CSR: a macro and external scope toward society and a micro and internal scope toward customers.

The purpose of this article is to propose a detailed methodology to estimate, model and incorporate the non-constant volatility onto a numerical tree scheme, to evaluate a real option, using a quadrinomial multiplicative recombination.

This article uses the multiplicative quadrinomial tree numerical method with non-constant volatility, based on stochastic differential equations of the GARCH-diffusion type to value real options when the volatility is stochastic.

Findings showed that in the proposed method with volatility tends to zero, the multiplicative binomial traditional method is a particular case, and results are comparable between these methodologies, as well as to the exact solution offered by the Black–Scholes model.

The originality of this paper lies in try to model the implicit (conditional) market volatility to assess, based on that, a real option using a quadrinomial tree, including into this valuation the stochastic volatility of the underlying asset. The main contribution is the formal derivation of a risk-neutral valuation as well as the market risk premium associated with volatility, verifying this condition via numerical test on simulated and real data, showing that our proposal is consistent with Black and Scholes formula and multiplicative binomial trees method.

This study aims to analyze consumer motivations to share information about corporate social responsibility (CSR) activities through electronic word of mouth. It examines the roles of self-enhancement, identity signaling and social bonding as antecedents of consumers’ CSR engagement on social media.

A quantitative approach is used with a single-factor between-subjects experimental design in which the presence vs absence of CSR information on a company website is manipulated. The hypotheses are tested through structural equation modeling.

Results show that after viewing the company’s CSR message on its website, consumers who generated more CSR associations were more motivated to engage with the CSR information to satisfy fundamental personality traits (need for self-enhancement) and social relationship motivations (social bonding), which increased their intention to share the information.

This study is restricted to CSR information on websites. Further research should consider what happens if such information is shared on social media, as consumers are more likely to spread CSR messages when they are shared by other public social network sites.

The study highlights the relevance of including CSR information on websites and offers insights into the importance of considering consumers in disseminating CSR information. Consumers share information when they have personal motivation for doing so.

This study put the focus on the role of consumers in the diffusion of corporate information.

The results show the importance of personal motivations such as self-enhancement and social bonding in sharing CSR information on social media.

El estudio analiza las motivaciones que tiene el consumidor para compartir información sobre acciones de responsabilidad social corporativa (RSC) a través de boca oído electrónico (eWOM). En particular, las motivaciones de mejora del auto-concepto, necesidad de mostrar una identidad deseada y la vinculación social.

Se utiliza un diseño experimental entre sujetos donde se manipuló la presencia vs ausencia de información sobre la RSC de la empresa. Las hipótesis se contrastaron mediante un modelo de ecuaciones estructurales.

Los resultados muestran que los consumidores con más asociaciones de RSC comparten más la información de RSC motivados por satisfacer la mejora del auto-concepto y vinculación social.

El estudio destaca la importancia de generar contenido de RSC en el sitio web de la empresa, y la importancia de los consumidores en la difusión de información de dicha información.

El estudio está restringido a la presencia de información de RSC en el sitio web de la empresa. Sería interesante evaluar lo que sucede si dicha información se comparte en redes sociales, en la medida en que los consumidores tienen mayor tendencia a compartir la información procedente de redes sociales.

Los resultados muestran la importancia de las motivaciones personales como la mejora del auto-concepto y la vinculación social a la hora compartir información de RSC en las redes sociales.

本研究分析了消费者通过电子口碑分享企业社会责任（CSR）活动信息的动机。它研究了自我提升、身份信号和社会联系作为消费者在社交媒体上参与企业社会责任的前因的作用。

采用单因素主体间实验设计的定量方法, 对公司网站上企业社会责任信息的存在与否进行操纵。假设通过使用R软件包lavaan的结构方程模型进行检验。

结果显示, 在观看公司网站上的企业社会责任信息后, 产生更多企业社会责任联想的消费者更有动力参与到企业社会责任信息中, 以满足基本的人格特征（自我提升的需要）和社会关系动机（社会纽带）, 这增加了他们分享信息的意向。

该研究强调了将企业社会责任信息纳入网站的相关性, 并对在传播企业社会责任信息时考虑消费者的重要性提出了见解。消费者在有个人动机的情况下会分享信息。

本研究仅限于网站上的企业社会责任信息。进一步的研究应该考虑到社交媒体, 因为当消费者在其他公共社交网站上分享企业社会责任信息时, 他们更有可能进行传播。

研究结果表明, 在社交媒体上分享企业社会责任信息时, 自我提升和社会联系等个人动机的重要性。

The literature on the potential benefits of art investing has yet to consider the effects of categorizing world regional art markets (e.g. Latin American art) by artistic styles or movements (e.g. Latin American surrealism, Latin American conceptual art, etc.). We propose that such categorization should be carried out and analyze the Latin American art market as an example.

Eleven artistic style price indices within the Latin American art market (30,288 artworks created by 293 artists and sold at auction between 1970 and 2014) are estimated using hedonic regressions: Abstract-geometric, abstract-informal, conceptual, costumbrismo, cubism, figurative, muralism, landscape, surrealism, nineteenth century and avant-garde. We find that several variables that rely on the corresponding Latin American art movement index have a significant relationship with painting prices.

There is significant variation in the financial performance of the various price indices for Latin American art styles: the conceptual (10.33% annual real return), abstract geometric (1.97%), cubism (0.97%) and costumbrismo (0.91%) movements overperformed a market that exhibited an aggregate negative cumulated real return of 0.9% during the sample period. The average correlation between each of the styles was only 0.12. The estimated price index for paintings sold at Christie's and Sotheby's clearly outperformed the index estimated for the other auction houses, and we also found that paintings created by Latin American women artists yielded higher returns.

Our results have practical applications for investors, collectors, auction houses and policymakers.

This is the first paper to highlight the need to decompose art price indices by artistic movements at the regional level.